TAG | broker unqualified to trade stocks
Comments off · Posted by Securities Lawyer in FINRA
BGC Financial, L.P. (CRD #19801, New York, New York)
was censured and fined $40,000 by FINRA. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it permitted a disqualified individual to associate with the firm without regulatory approval.
These findings stated that the firm filed a Uniform Application for Securities Industry Registration or Transfer (Form U4) on the individual’s behalf, seeking his registration as a General Securities Representative. The individual informed the firm that he was subject to disqualification with respect to association with a member firm. The firm filed a membership continuance application with FINRA seeking permission for the individual to associate with it, but that application was never approved.
This individual engaged in the securities business of the firm, sitting on one of its trading desks and engaging in trading and brokerage activities. The findings stated that the firm failed to establish and maintain a supervisory system and establish, maintain and enforce WSPs (Written Supervisory Procedures). According to the FINRA investigation, the firm failed to clearly assign responsibilities for ensuring that representatives were properly registered, provide for a system of communications between those persons, require reviews on a sufficiently frequent basis, or have a process in place addressing the amount of access unregistered persons would have to its electronic communication and trading systems.
(FINRA Case #2009020627602)
The information was obtained on FINRA’s website, “Disciplinary and Other Actions, June, 2012.”
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you have sustained investment losses due to your stock broker or financial advisor’s recommendations, please call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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